This audit would assess the effectiveness of the Indigenous Land and Sea Corporation’s (ILSC’s) management of non-financial assets.

The ILSC is a corporate Commonwealth entity established under the Aboriginal and Torres Strait Islander Act 2005 (the Act). One function of the ILSC is to acquire land to grant to Indigenous corporations. Under section 191D of the Act, the ILSC must make a grant for an interest in land acquired for that purpose within a reasonable time after its acquisition. At 30 June 2022, the ILSC and subsidiary corporations held the Ayers Rock Resort valued at $427 million, other properties valued at $153 million, and livestock on properties valued at $16 million. While the ILSC holds properties, it is responsible for maintenance, statutory costs and the operation of related businesses. The audit would examine the ILSC’s asset management strategy and practices, including those related to the divestment of properties.

Work program portfolio

This potential Performance audit is featured in 1 annual audit work program portfolio: